EGX loses 3.3B EGP hurt by selling pressures

CAIRO: The Egyptian Exchange (EGX) showed a collective decline during Sunday’s early and mid-session trading hurt by selling pressures.

The benchmark index EGX30 fell by 0.89 percent, registering 9,611 points and down from 9,697 points Thursday. The small and mid-cap index EGX70 dropped by 1.87 percent, reaching 618 points and higher than the 620.3 points from its last session

Ibrahim El-Nemr, Technical Analysis Desk head at Naeem Brokerage, said the EGX30 is obviously experiencing technical weaknesses that could lead to a sideways correction between 9,400 points and 9,820 points.

On the other hand, a confirmed breach above 9,820 points may send it higher towards 10,050 points, Nemr told The Cairo Post; he advised investors to be selective.